The Case for Crypto College Scholarships
The NCAA has a dilemma on its hands: revenues from televised college sports have exploded, enriching the institutions but not sharing the wealth with the athletes. Recently the idea of paying players has gained traction, though debates abound the proper way to do so, to say nothing of the danger to the NCAA's stated mission of amateurism. How can the embattled organization stay ahead of the game re: its financial conundrum while engaging an emerging technology to keep itself relevant? One idea: Encourage their member schools to pay players in cryptocurrency.
1-Many cryptocurrencies are based around the idea of smart contracts, or programmable money. Schools can fortify their athletic scholarships with crypto endowments to the player for the period of their eligibility. In essence, players will become minors in finance as they learn to take custody of their endowments, and may withdraw their funds as they wish.
2-Schools choose the crypt they want to endow athletes. This can create allegiances along the lines of preferred tech, ingratiating schools to a younger generation of crypto enthusiasts. Michigan vs Ohio State is cool, but have you seen what happens if you put a Bitociner in a room with a Bitcoin Cash fan?
3- The NBA seems to have cracked the code for a basketball farm system, having rebranded its developmental league as the G-League (thanks to Gatorade's anointment as an official sponsor). With every NBA team scheduled to have its own farm team by the year 2020 and possible roster slots for two-way G league/NBA players, the G league is poised to offer a domestic alternative to a one-and-done college scholarship or internships in Lithuania with Lavar Ball. The NCAA will need to demonstrate its model is viable, and soon. Why not embrace some cutting edge technology? The shot clock's ticking.